Uniondale Mortgage, Broker, Mortgage Banker
Know the difference: Mortgage Brokers vs. Mortgage Banker
Either a mortgage broker or a mortgage banker may help you when you work on your application for a mortgage loan. People can confuse the two job types because both will reap the same outcome: a new home. But as you begin your application process, it can help if you understand how they differ.
About Mortgage Brokers
A mortgage broker is a person or group that works as an independent agent for both the mortgage loan applicant and the lender. Your mortgage broker will stand as coordinator between you and the lending institution; which can be a credit union, bank, trust company, finance company, mortgage corporation or even a private investor. A mortgage broker can consider your financial situation to determine which lender is the best fit for you. Your broker will submit your loan application to one or more lenders, and works with the chosen lender until closing.
About Mortgage Bankers
Mortgage Bankers work for a particular lending institution (such as a bank, credit union, etc.) who work with mortgages and other loans on behalf of their place of employment alone. Although a mortgage banker may market quite a variety of loans, they all are programs of that one lender. That limits the borrower to one bank, whereas, the broker opens up the market for the borrower to a variety of beneficial options
Also called a "loan representative" or "account executive,", whether they work for a Mortgage Broker or Mortgage Bank, a loan officer acts of behalf of the borrower to the lender. A loan officer will guide the borrower through the application, processing and closing of the loan. Either a salary or commission is given to loan officers by their employers.
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